The View from 5th Avenue

The View at Two – 28 August 2020

Putting the lipstick on – It’s only one way this week for the S&P, and that is higher.  If the index can close in the green, it will be the 7th day in a row, something that has occurred only 5 times in the last 5 years.  But before the bulls can high five each other, month end is Monday, so some re-positioning could occur today.  The re-opening beneficiaries are outperforming, and that group is large (Beauty, Cruises, Airlines, and Restaurants).  And Mega Tech are currently trending towards the red.  Economic data this morning showed some improvement in Personal Income (+0.4% vs June’s -1.3%), but Spending dropped m/m (+1.9% vs June’s 6.2%), showing that the economy is still working through Covid related issues. 

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